Con-Way shares up 33% after $3 billion deal with XPO Logistics

said it had agreed to buy the Ann Arbor, Mich.-based Con-Way for $3 billion. Under the terms of the agreement, XPO will launch a tender offer for all Con-Way’s shares at a cash price of $47.60 a share. That’s 34% higher than Con-Way’s Wednesday closing price of $35.53. The deal was valued at $3 billion, including $290 million in debt. Bradley Jacobs, XPO’s chairman and chief executive, will keep these positions at the combined company. Shares of XPO were flat in late trading after ending the day down 2.4%.